15th Place Apartments

Highlights:

• Below Replacement Cost Acquisition – Immediate basis advantage vs. new construction
• 2021 Construction – Modern asset with low near-term CAPEX exposure
• Lease-Up Opportunity – Current ~83% occupancy with path to stabilization
• Mark-to-Market Rent Upside – Proven gap vs. submarket rents
• Institutional Location – Walkable to Courthouse, minutes to UTRGV ( 35,000 students plus faculty )

Description:

This offering presents a rare opportunity to acquire a 2021-built, 80-unit multifamily asset at a basis below replacement cost in the rapidly growing Edinburg, Texas market.

The property combines modern construction, strong in-place income, and clear operational upside, making it well-positioned for investors seeking long-term durability with a path to stabilized yield.

Currently operating at approximately 83% occupancy, the asset offers immediate upside through lease-up and rent normalization, particularly in larger unit types where in-place rents trail market levels. Additional revenue growth can be achieved through RUBS implementation and operational efficiencies, without the need for heavy capital improvements.

Strategically located within walking distance to the Hidalgo County Courthouse and just minutes from the University of Texas Rio Grande Valley, the property benefits from consistent demand driven by government, education, and healthcare employment, creating a stable and resilient tenant base.

With minimal deferred maintenance due to its recent construction, investors can focus on income growth rather than capital expenditure, positioning the asset for long-term appreciation and improved cash flow upon stabilization.

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